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Roth Conversions and Capital Gain Harvesting – Why Both Have Their Place
A couple of withdrawal strategies that should be considered are the Roth conversion and harvesting of capital gains. Both strategies involve the recognition of income, though the tax impact is quite different.
Tax Planning for the Soon-to-Be Retiree
Retirees can maximize their retirement wealth by implementing tax-efficient strategies such as Roth conversions, realizing gains in the 0% bracket, and withdrawing pre-tax funds in the 10 and 12% brackets.
Table Those Capital Gains – 1031 Exchanges
To qualify for a 1031 exchange, a few characteristics must be met. First, the property that you are selling (known as the relinquished property) and the property that you are purchasing (known as the replacement property) must be what the IRS deems “like-kind.”
Market Sell Off: Consider Tax-Loss Harvesting
Tax-loss harvesting can be one of the few benefits of a market selloff. However, you want to make sure you can use that benefit on your taxes, so knowing the wash-sale rule is important.
Widow Sells Her House: Tax Consequences?
When Harry met Sally, they bought a wonderful home for $50,000. They loved their home, neighborhood, and the fond memories created there. However, when Harry passed away, Sally decided it was time to move. Now, Sally is left wondering what the tax consequences might be.
Concerned about Future Taxes?
As a financial planner, my focus is on helping our clients achieve their goals, which means maximizing every dollar. This requires a complete understanding of the client's current tax situation, foresight on how their taxable income will look in future years, and some educated guessing on where tax rates may be. The goal is to pay as little tax as possible.
Tax Planning & Capital Gains: Now’s the Time to Tackle It!
With just over two months left in 2018, now is a good time to start your tax planning, and analyzing your capital-gain situation could result in a lower tax bill come Tax Day 2019. By considering various strategies to offset your capital gains, you could reduce your tax impact and keep as much of those gains in your pocket as possible.
Selling a Home? First Examine the Tax Implications!
It’s a hot seller’s market right now – and that could mean more cash in your pocket if you’re looking to sell your house. But not so fast! Before you make that leap and list your home, be sure you fully understand the tax implications of selling your house for a greater profit. Read on to discover how to uncover what your tax liability will be when you sell your home.
